Transpay Adds Global Payouts to Morocco
Transpay, a B2B/B2P cross-border payments platform, announced that its service offering had expanded to include direct-to-bank deposits in Morocco. Transpay clients are now able to send local currency payments to individuals’ bank accounts in Moroccan dirham (MAD).
With one of Africa’s highest internet penetration rates, Morocco is a burgeoning digital market for the freelance, travel and ecommerce industries. The export market for craftwork, valued at more than $41.5 million USD in 2014 according to the Financial Times, continues to grow as sellers leverage online marketplaces offered by Moroccan National Federation of e-commerce (FNEM), as well as private companies.
“The efforts of both the private and public sector are helping to create the necessary infrastructure to grow the digital economy to Morocco,” says Samish Kumar, CEO of Transfast, the parent company Transpay. “The addition of dirham payments by Transpay enhances these efforts by enabling a freer flow of funds into Morocco, fostering and supporting entrepreneurial growth.”
Through Transpay, businesses are able to send mass payouts to any bank in Morocco without the high fees and inefficiencies associated with traditional cross border payments. Moroccan dirham is now an available payout currency across the Transpay suite of products, including the MassPay API.
Since 2012, Transpay’s solutions and proprietary bank network have provided businesses with an alternative payment method for sending funds across 120 countries and 60+ currencies.